Lending Club

[lmok]

Does anyone have any experience or information regarding The Lending Club?

Lisa

 

[kashzan]

I have lots of experience. It is the newest thing in lending called peer to Peer lending. Investors back your loan thru a bank. it is 100% legit, and the interest rates are lower than traditional banks. Both parties make out well, the borrower and the investors. I actually had a loan , paid it off and took out another, You do need a good credit score, and they do report to all 3 credit bureaus.

 

[lmok]

I have lots of experience. It is the newest thing in lending called peer to Peer lending. Investors back your loan thru a bank. it is 100% legit, and the interest rates are lower than traditional banks. Both parties make out well, the borrower and the investors. I actually had a loan , paid it off and took out another, You do need a good credit score, and they do report to all 3 credit bureaus.

Great, What are the payments like?

 

[kashzan]

Depending on how much you borrow, your credit score will determine the interest rate. Once that is done, your application goes out to investors. your loan can be backed by 1 or more investors.
you can arrange to repay in 1,2 or 3 years. Payments vary from person to person depending on the factors above. My interest rate was about 4% and I had a 3 year loan.

 

[lmok]

Depending on how much you borrow, your credit score will determine the interest rate. Once that is done, your application goes out to investors. your loan can be backed by 1 or more investors.
you can arrange to repay in 1,2 or 3 years. Payments vary from person to person depending on the factors above. My interest rate was about 4% and I had a 3 year loan.

Thank YOu

 

[kashzan]

Prosper is another peer to peer lender. I think they were the first . Also, after you get funded, you are under no obligation to accept, if the rates are not what you want.My credit score is very high so I got great interest

 

[lmok]

Prosper is another peer to peer lender. I think they were the first . Also, after you get funded, you are under no obligation to accept, if the rates are not what you want.My credit score is very high so I got great interest

Ok, that was another question. Is the process pretty easy?

 

[kashzan]

For me it took less than a day to be backed by an investor. The money was in my account in 2 days after I filled out the application.
I have no experience with Prosper, other than knowing you need a high score to be considered. You need to scan them a few documents and its all very quick and painless